Diokno: Gov’t to float P30B Marawi bonds by January

The rehabilitation of Marawi City will get substantial funding by early 2018, according to this Cabinet official.

Budget Secretary Benjamin Diokno said the government is eyeing to raise P30 billion from long-term debt papers specifically to finance the reconstruction of Marawi City.

The debt notes are eyed to be issued by “early January” of 2018, which will come months after President Rodrigo Duterte formally declared the liberation of the Mindanaoan city from the Maute terrorist group.

The Department of Finance previously said that they are looking to float 20-year “patriotic” bonds worth as much as P30 billion, which will be spent on rebuilding a community from the remains of the five-month standoff between government forces and the rebels.

The Treasury, however, said five to seven years would be more optimal for the bonds, as 20 years could be too long for investors.